For over a decade now, Millennials and their purchasing power have been the talk of most marketers. Representing 72.1 million Americans, nearly a third of the Nation, and surpassing Baby Boomers, most Millennials are forming households at record pace. And unlike other demographics, they’re drawn to brands that engage them in new and unique ways.
How exactly are successful brands attracting and retaining Millennials?
The answer is simple: through experiential marketing.
While other marketing strategies “pitch” products and services to consumers, experiential marketing takes a much more intimate and brand-consumer relationship-building approach. Through the use of immersive marketing initiatives that are centered around user-generated content, events, and digital media campaigns, brands are able to connect with Millennials in innovative ways that go beyond just the purchasing process.
But that’s not all that brands are doing to attract the Millennial consumer.
Passion marketing. Known for their support of social causes, Millennials are naturally drawn to brands that advocate for a specific cause. Whether it is donating a portion of sales to support research in a particular field or partnering with local farmers to create economic change in impoverished areas, brands that use cause marketing are generally able to grow by leaps and bounds. In fact, 50% of Millennials acknowledged that they would choose a brand that supports a cause that is of interest to them over another brand that does not.
Online reviews. The Millennial generation has watched the internet evolve over their lifetime, and they are not afraid to use it to influence their purchasing decisions. With 97% of Millennials reading online reviews before considering to buy a new product or service, brands cannot ignore the power of social proof. To attract Millennials it is key that brands showcase authentic reviews (both the good and the bad) and highlight relevant ways that their products and services fit seamlessly into the household experience. The more customer testimonials a brand can feature, the higher the likelihood the Millennial consumer will be apt to buy.
Have you created a targeted Millennial marketing campaign for your brand? If you haven’t, then now is the time to strongly consider crafting a marketing strategy that will resonate with the Millennial market. We are happy to connect with you and share additional insight into how you can attract, engage, and retain the Millennial customer.